In a significant move, Dropbox has acquired Reclaim.ai, an AI-driven tool for scheduling, backed by notable entities such as Calendly and Index Ventures. This acquisition was announced on Reclaim.ai’s blog on Tuesday. However, the financial details of the purchase remain undisclosed by Dropbox.
Founded by Henry Shapiro and Patrick Lightbody in 2019, Reclaim.ai intends to progress its product’s development under Dropbox’s ownership. The company also assures continuous support for its existing clientele. Currently, over 43,000 companies and 320,000 individuals globally utilize Reclaim.ai’s services, according to information shared in the same blog post.
To date, the startup has successfully raised over $9.5 million from several investors, including Calendly, Character.vc, Flying Fish, Gradient Ventures, Index Ventures, Operator Partners, Yummy Ventures, with personal investments from Grafana CEO Raj Dutt and ex-GitHub CTO Jason Warner.
Reclaim.ai has dedicated its efforts to harnessing AI for optimizing time management, including identifying availability for meetings, tasks, personal habit formation, and break times. Its solution, compatible with Google Calendar, offers diverse scheduling functionalities such as the creation of booking links and the automatic arrangement of suitable meeting times for all participants. It finds itself in competition with other scheduling solutions like Calendly, Clockwise, and Doodle.
Despite having a free tier for individual users and offering plans starting at $8 per user per month for small teams, Reclaim.ai has not planned any immediate changes to its pricing structure.
In a video update on X, the founders of Reclaim.ai shared that their team of 22 individuals is transitioning to Dropbox.
Aligning with Dropbox’s vision to “design a more enlightened way of working,” Reclaim.ai expressed enthusiasm about supporting this vision by joining Dropbox. They are keen on exploring innovative AI solutions to enhance work efficiency and allocate time to what’s most important, as shared in their statement.
Until now, Reclaim.ai has integrated exclusively with Google Calendar but plans to expand support to Outlook are underway.
An increasing trend among productivity firms involves merging calendar management and scheduling functionalities into their platforms. Notably, Tiger Global and a16z-supported ClickUp took over the calendar startup Hypercal earlier this year to introduce scheduling capabilities, and Notion launched a new calendar feature in January, stemming from its acquisition of Cron in 2022.
Dropbox recently unveiled its Q2 2024 financial outcomes, reporting revenues of $634.5 million, a 1.9% increase from the previous year, along with a subscriber base of 18.22 million, an uptick from 18.04 million the preceding year.
Compiled by Techarena.au.
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